The GST regime has a clause to be ascertained as the assumptions are stacking at the need of GST secretariat would be the next demand by every state after the implementation of the upcoming taxation reform. This need has been raised to cope up with day to day issues resolving the GST procedures.
VS Krishnan, Advisor, Tax Policy, EY and a former member (service tax and GST), Central Board of Excise and Customs, said that “There is an institutional void at the State level. State GST secretariats will bring together central government and state government offices in one place. It should be a registered body under the Society’s Act.”
As in the medium to long time period, the market will get a stretch and make a new way to the entrepreneurial opportunities in the arena, as said by Advisor, “More people will want to become entrepreneurs and participate in the economic gains because they would know there are no inter-State barriers,”
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He stated that “With the implementation of GST, inter-State check posts would vanish and efficiency of the road sector will improve significantly. In the US, a truck carrying goods travels 820 km a day as against 210 km in India. In the short haulage, category railways will see more competition from roadways.”
The advisor was keen about the issue of technology which would be the biggest drawback while implementing GST as there will be a vast network needed while the dealers should be compliant and ready to go towards bigger vendors for tackling the adversity.
